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Question
Identify & explain the concept from the given illustration.
Rohan created a jewellery box out of pieces of wood.
Solution
Concept: Form utility
Explanation:
- When utility is created due to the change in shape or form or structure of an existing material, it is called form utility.
- Since Rohan created a jewellery box out of wooden pieces, this illustration is related to the concept of ‘form utility’.
RELATED QUESTIONS
What are the characteristics of utility?
Identify and explain the concept from the given illustration:
Bhushan refused to eat fifth chapati after eating four chapatis.
Identify and explain the concept from the given illustration:
Lalita satisfied her want of writing an essay by using pen and notebook.
Toys made of clay: ______:: Woollen clothes : place utility
Aggregate utility from all units consumed : Total utility :: Additional utility from last unit consumed : ______.
Utility that arises when ownership of goods is transferred from one person to another −
Find the odd word
Types of utility -
Assertion (A): Utility depends on the intensity of want.
Reasoning (R): The concept of utility has no ethical consideration.
Explain any four types of utility
Explain any four features of utility.
Questions:
- When Total utility increases Marginal utility ______ (1m)
- Name the unit where consumer will be derived disutility_______ (1m)
- When the total utility is maximum, the marginal utility is____(1m)
- Name the unit where consumer will derive maximum satisfaction__ (1m)
State with reason whether you agree or disagree with the following statement:
Utility and satisfaction are one and the same.
- Assertion (A): Utility has an inverse relation with the intensity of want.
- Reasoning (R): A hungry individual finds more utility in food than a person who is not so hungry.
- Assertion (A): Utility can be measured cardinally.
- Reasoning (R): Utility is a psychological concept.
Complete the correlation:
Poison : ______ : : Buttermilk : Usefulness.
Give an economic term:
Want satisfying capacity of a commodity.
